2-14-2012
Arbitron reported revenue of $120.1 million during the fourth quarter of 2011, an increase of 7.6 percent compared to revenue of $111.7 million during the fourth quarter of 2010. Revenue in the quarter benefited from the continued phase-in of contracted price increases for the Portable People Meter and increases in the sales of discretionary services.
Arbitron President and CEO Bill Kere said "In 2011, we made significant progress toward achieving the objectives we outlined during last year's call: growth in our core revenue, improved margins in the wake of the full commercialization of our PPM radio ratings service, and entry into new markets in the US and overseas. Importantly, we were able to expand our margins while making investments in both the quality of our core services and in our growth strategies such as digital radio, cross platform and mobile measurement."
"For 2012 and beyond, we see our basic strategies as unchanged. We will pursue opportunities to improve performance and deliver compelling returns by leveraging our existing PPM and diary platforms, by continuing to seek out cost efficiencies and by deploying our financial and other resources to cultivate new markets. We will pursue these strategies with the goal of building long-term value for our customers, our employees and our shareholders."
Costs and expenses for the fourth quarter increased 7.3 percent, from $92.7 million in 2010 to $99.5 million in 2011. The increase was primarily due to increased cost of revenue associated with providing PPM and Diary services, operating costs incurred by Arbitron Mobile, as well as year-over-year increases in performance and share-based compensation.
Net income for the fourth quarter of 2011 was reduced by a $3.5 million pre-tax, non-cash impairment charge associated with the Company's minority stake in a privately-held media research firm as well as a $2.1 million pre-tax operating loss for Arbitron Mobile Oy (previously known as Zokem Oy), which was acquired in July 2011. Net income for the full year 2011 increased 19.8 percent to $53.3 million compared with $44.5 million in 2010. GAAP earnings per share (diluted) for the full year 2011 were $1.93 compared with $1.64 per share (diluted) in 2010.
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